One in three people believe hiring the wrong person costs their business nothing. However, research suggests a poor hire can cost the company between 30% of a person’s first year earnings to three times a person’s annual salary. In addition to the financial impact, a poor hire can also decrease productivity, create cultural imbalance, and tarnish reputation.
1) Get the right people on the bus
2) Get the right people in the right seats, and
3) Get the wrong people off the bus.
CareerBuilder found that 43% of those surveyed said they made a poor hire because they felt the need to hire somebody quickly. In addition, the survey found 20% of people admitted to having a lack of skills to interview and hire people effectively. (Society for Human Resource Management, 2017)
Here are some guidelines provided by the Society of Human Resource Management:
Let SOLVE help you hire the right person using evidence based solutions and proprietary technology.
Learn more about our web-based hiring and assessment platform.
COMING SOON! Check out our analysis of assessments which reviews the most common personality tests used in hiring processes.
Due to the high costs associated with failure, a smaller market from which to recruit, and the number of internal stakeholders who often want to be involved, hiring a leader calls for greater patience and confirmation of biases. According to research, high performing executives can add millions of dollars to their company’s bottom line; however, failure rates for senior executives are increasing. In fact, the rate of CEO turnover is higher, and CEO’s appointed in the last 25-years are three times more likely to be fired than CEOs appointed earlier (Zaccaro, 2010).
Effective executive selection includes an evidence-based approach with assessments that can match the candidate’s characteristics with the role and the candidate’s character to the values of the company. Contact SOLVE to learn more about our executive selection process.
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